Governor of the Central Financial institution of Nigeria (CBN), Mr Olayemi Cardoso, has emphasised the essential position of forex administration and forecasting in sustaining financial stability as a necessary operate of central banks.
He made this recognized throughout his keynote deal with on the opening session of the West African Institute for Monetary and Financial Administration (WAIFEM) regional workshop on forex administration and forecasting in Abuja yesterday.
Cardoso careworn that efficient forex administration is a important operate of central banks, enabling them to control the cash provide, management inflation, and keep monetary system stability.
“Foreign money administration pertains to planning, designing, issuing, and withdrawing forex from circulation. These processes make sure the integrity, availability, and worth of the forex. Subsequently, forex administration is likely one of the important features of central banks,” he added.
The CBN governor additionally highlighted the necessity for Central Banks to safeguard the worth of the forex by way of varied measures, resembling initiating insurance policies regarding the problem and redemption of forex initiatives to stop and minimise cash laundering and counterfeiting and adequately meet the demand for forex by the general public.
Talking earlier in his welcome deal with, the director normal of WAIFEM, Dr Baba Musa, famous that the workshop’s goal is to discover key challenges confronting Central Banks in forex administration and the way they’re tackled.
He added that although efforts are being made in the direction of reaching a cashless economic system, the essential position of forex administration as an integral a part of general financial administration requires a sustained effort by all stakeholders.
The convention, attended by Central Financial institution employees from throughout Africa, goals to share greatest practices and talk about progressive options to deal with the evolving challenges in forex administration.
